L-M Nears Completion of Sikorsky Purchase

By Staff Writer | November 1, 2015

Lockheed Martin and United Technologies Corp said last month they expect to close by the end of the year on a $9 billion deal for the former to buy Sikorsky Aircraft from the latter, but the sale could be done any day now.

S-97 Experimental Test Pilot Bill Fell briefs attendees of the Assn. of the U.S. Army annual convention in Washington Oct. 13 on the Sikorsky-Boeing contender for the Joint Multi-Role technology demonstrator program.

The Reuters news agency, citing “three sources familiar with the matter,” reported Oct. 14 that the transaction might be completed by early this month. That echoed comments R&WI heard Oct. 13 at the Assn. of the U.S. Army’s annual convention in Washington that the deal was on a fast track.

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L-M said in a Sept. 23 filing with the U.S. Securities and Exchange Commission that the Sikorsky acquisition had been cleared by authorities in the U.S., Japan and South Korea and was awaiting approval from China and the European Union. That company’s CEO, Marillyn Hewson, said Oct. 20 that the deal was only awaiting China’s nod.

However, the U.S.’ top defense procurement official, Frank Kendall, said the Pentagon is on watch for ill effects of military supplier consolidation highlighted by deal. That official, Frank Kendall, said, “I think the trend is a little troubling.”